Emirates NBD is seeking to acquire BLOM Bank Egypt, which is owned by the Lebanese BLOM Group.
Sources told Reuters that the UAE bank is striving to strengthen its presence in the Egyptian banking sector, which it already operates through Emirates NBD Egypt (formerly BNP Paribas) .
For his part, BLOM Bank, one of Lebanon's largest banks, confirmed yesterday that it is studying strategic options, including selling its stake in BLOM Bank Egypt; In view of the current conditions in Beirut, and to abide by the decisions of the Central Bank of Lebanon to increase the capital.
The bank added, in a press release, that a request has been submitted to the Central Bank of Egypt to obtain the necessary approvals in this regard, and the Central Bank of Egypt has agreed to start the negative examination process. For the ignorant.
Blom Bank Egypt is affiliated with the BLOM Bank Group, and began operating in Egypt in 2005, and has about 41 branches, and its paid-up capital is about $ 126 million.
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Lebanese banks seek to strengthen their financial conditions at a time when the country is going through its worst financial crises since the civil war, especially after these conditions have worsened due to the ongoing protests and the recent massive explosion in Beirut, the capital. .
(Amazon Fun Knowledge)
